Abinash Verma, a prominent figure in the sugar business, abruptly resigned as Director-General of the Indian Sugar Mills Association (ISMA), the producers' group said in a statement on Friday.
The ISMA is recognised by both the Central Government and the State Governments as the country's premier sugar organisation, representing the concerns of private sugar mills and the sugar sector as a whole. ISMA collaborates closely with a large network of State Sugar Associations (Affiliated Associations) to address the problems of sugar mills in their individual states and to effectively resolve them with the Central Government.
ISMA is committed to the improvement of sugarcane farmers in the country, and one of its primary goals is to safeguard the interests of cane farmers in the country.
India, being the world's largest consumer of the sweetener and the second-largest producer after Brazil, plays an important role in the global sugar industry.
Since the start of the current sugar season on Oct. 1, 2022, Indian mills have secured contracts to export a record 8 million tonnes of the sweetener.
Without any subsidies, India's sugar mills have sold huge amounts of the sweetener on the global market.
Previously, India's subsidies offended competitor suppliers such as Brazil, Australia, and Guatemala, prompting them to protest to the World Trade Organization (WTO), which this year ordered New Delhi to comply with global laws.
The rise in global sugar prices prompted India to discontinue its sugar export subsidies.
ISMA did not provide a reason for Verma's resignation in its brief statement.
Verma, a veteran government servant, acknowledged his resignation but failed to provide an explanation for his decision to quit ISMA after nearly 12 years as its president.
Verma was at the lead of ISMA at a time when India was attempting to stabilise its sugar output, raise exports, and increase ethanol blending with gasoline in order to reduce costly crude imports.
